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Global Retail Highlights 2013
 

Global Retail Highlights 2013

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    Global Retail Highlights 2013 Global Retail Highlights 2013 Document Transcript

    • Global | Retail | 2013 HIGHLIGHTS Tourists and Brands Flock to High Streets > Slower economic growth in China did not make a lasting dent on tourist spending in Hong Kong. Retail sales have rebounded from the lows of Q3 2012. The latest figures from the Hong Kong Tourism Board show that Hong Kong received a total of 12.5 million inbound visitors during the three-month period ending May 2013, an 11.8% year-over-year increase. Nine million of those visitors were from Mainland China. > Combined with the arrival of international brands such as Apple, Top Ten Global Retail Rents USD/SqFt/Year $3,052 New York, NY, Fifth Avenue $2,087 Hong Kong, Queen’s Road Central $1,994 Hong Kong, Canton Rd, Tsim Sha Tsui Zara, and Topshop, in addition to luxury brands expanding their presence, the Australian CBD is once again a popular shopping destination. Pitt Street Mall in Sydney was ranked the 8th most expensive in Colliers’ High Street survey. $1,325 New York, NY, Madison Avenue $1,223 London, Old Bond Street > Demand for flagship space in London continues to exceed supply, $1,114 driven largely from international retailers seeking a share of the spoils. This is leading to some notable rental growth in the West End’s core locations, with Regent Street witnessing double digit annual rental growth. > São Paulo and Rio de Janeiro remain leaders in shopping quality and diversity, achieving the most expensive rents and the focus of growth for luxury brands. Brazil’s High Street rents are the most costly in Latin America. São Paulo’s luxury shopping street Rua Oscar Freire saw a 15% growth in asking rents over the previous year. Rua Garcia D´Avila in Rio de Janeiro saw rents grow by 6.7%. > Most U.S. high street rents grew over last year. In New York, Fifth Avenue rents grew by 11 percent. At $3,052 per square foot, Fifth Avenue rents are the most expensive in the world. On Las Vegas Boulevard, asking rents grew by 25 percent. Philadelphia’s Walnut Street showed the biggest gains in the U.S., with 33.8 percent growth. Hong Kong, Causeway Bay $930 Zurich, Bahnhofstrasse $871 Sydney, Pitt Street Mall $836 Milan, Via Monte Napoleone $834 Paris, Champs Élysées All Rents in USD * Exchange Rate as of March 31, 2013
    • Mainland Tourists Still Shopping Strong in Hong Kong Retail sales in Hong Kong have rebounded from the lows of Q3 2012. Slower economic growth in China did not make a lasting dent on tourist spending. The latest figures from the Hong Kong Tourism Board show that Hong Kong received a total of 12.5 million inbound visitors during the three-month period ending May 2013, an 11.8% year-overyear increase. Nine million of those visitors were from Mainland China. International retailers continued plans to expand their presence in the city, albeit in a more cautious way. Brands regard Hong Kong as a perfect place to build awareness and recognition in the minds of mainland Chinese visitors. Many companies, especially those in the fashion, watch and jewelry sectors have opened flagship stores in prominent locations throughout the city. However, some retailers are now considering bypassing Hong Kong and instead entering the Chinese market directly. Retailers have seen profitability narrow in recent years due to high operation costs which include soaring rents and increasing labor costs. The minimum wage increased from $28 to $30 HKD in May. In response to rising costs, some retailers have marked up prices or begun selling more expensive products. Strong demand for first-tier streets in core shopping areas continued to spill over onto the neighboring second-tier streets, as local retailers were forced to move out of core locations during the last rental rally. According to our research, retail rental rates in the traditional top four shopping locations rose by an average of 1.0% quarter-over-quarter in Q2 2013, following growth of 1.1% quarter-over-quarter in Q1. Rents grew more strongly in second-tier streets than they did in first-tier ones. Overall, retail rents of street-level shops in key shopping districts are forecast to grow by 8% over the next 12 months. The lack of growth in prime retail space is apparent with much of the recent growth derived from growing demand in secondary street locations. 2 Global Retail Highlights | 2013 | Colliers International
    • Largest Global Flagships Find a Home in Shanghai The vacancy rate for mid- and high-end shopping centers dropped 0.3 percentage points to 8.5% in Q2 2013 while the average ground floor fixed rent edged up by 1.07% quarter-over-quarter. Retail sales in Shanghai grew by 9.1% year-over-year during H1. While this would be an impressive figure for most of the world’s cities, for Shanghai this was a bit of a slowdown. It caused many developers to be more cautious, pushing back completion dates of some projects. In total, two new shopping centers had grand openings in Q2, including K11 Art Mall and the retail component of L’Avenue, an office tower with three floors of luxury retail featuring brands such as Ralph Lauren and Louis Vuitton. Beijing Retail Spending Growth Slows, But Still Remains Strong Shanghai continued to see many retailer expansion and leasing activities during H1. Uniqlo leased space one block east of International APM for its largest global flagship. Many other highend brands have continued expansion into Shanghai. Shanghai Tang Cathay Mansion’s grand opening at Cathay Theatre was, at 11,840 square feet, the brand’s largest global flagship. Breguet and Ernest Borel have each opened their largest global flagships in the city. Several brands have also announced plans to expand in Shanghai, including Burberry’s planned opening of its largest Asia flagship store, Stella McCartney’s second Shanghai store and two Mulberry locations. Beijing’s retail sales increased by 8.8% year-over-year in the first half of 2013. While this figure still indicates strong growth, the number was 4.2 percentage points below the same period last year. Similarly, retail net absorption decelerated to 178,745 square feet as of the end of Q2 2013, the lowest figure since Q2 2007. Two new projects, Parkview Green and Sino-Ocean We-Life Plaza, totaling over 1.2 million square feet debuted in Q1 2013. Sino-Ocean We-Life Plaza, developed and operated independently by Sino-Ocean Land, is the company’s first shopping center in Beijing. However, no new retail supply was added in Q2 2013. While some brands have slowed or even suspended expansion plans, many remained active players, including Calvin Klein, Trussardi, GANT, Brooks Brothers and others who signed new leases across the city. Paul Smith Select Asia Pacific Rents: USD/SF/Year $250 $149 10% $265 $160 2% Khan Market DELHI 10% $131 4% 5% $109 $369 8% West Nanjing Road SHANGHAI -12% $1,994 Queen’s Rd Central HONG KONG Canton Rd, Tsim Sha Tsui HONG KONG 14% 0% Hai Ba Trung St. Hoan Kiem District HA NOI 9% $1,114 Ginza - Chuo St TOKYO 9% Causeway Bay HONG KONG $184 -2% Tianhe District GUANGZHOU 0% Brigade Road BANGALORE $537 $2,087 Connaught Place DELHI Ly Thai To St. Hoan Kiem District HA NOI $88 $329 Wangfujing BEIJING CBD BEIJING 0% Myeong-dong SEOUL $355 -3% Orchard Road SINGAPORE $35 Ayala Center MAKATI 11% RENT/SF/YR > $500 RENT/SF/YR $150 - $500 RENT/SF/YR < $150 % Year Over Year Rent Increase $74 n/a Prince Mohammed Bin Abdul Aziz Street JEDDA Note: Displayed change in rent is in terms of USD/SF/Year. For annual change in local currency, please see detail on pages 14-18. 3 Global Retail Highlights | 2013 | Colliers International % Rent Unchanged Year Over Year % Year Over Year Rent Decrease
    • continued its mainland China expansion by opening 8,611 square feet in Beijing’s Taikoo Li Sanlitun North zone. The average ground floor fixed rent in Beijing’s mid- and highend shopping centers increased by 0.9% quarter-over-quarter in Q2. Reflecting an overall stability in the retail market, the overall vacancy rate for Beijing’s mid- to high-end shopping center market decreased slightly to 7% at the end of Q2 2013. In Japan, another Quarter of GDP Growth The Japanese economy has shown three quarters of GDP growth since Q4 2012. Exports, fixed business investment, and corporate profit have all shown positive signs. Private consumption— especially in the luxury sectors—supported by improving consumer sentiment, has also proved resilient. Since the end of the 2008 recession, rental rates in high-end street retail began to see slight increases in select buildings and districts. The fast fashion trend, which took off after 2008, saw retailers like Zara, H&M, Forever 21, and Uniqlo opening in Ginza and Omotesando. European luxury brands and other clothing retailers continue to drive demand in these areas. In the latest Colliers survey, rents on Chuo-dori in Tokyo’s famed Ginza district remained unchanged. 4 Global Retail Highlights | 2013 | Colliers International Singapore’s Orchard Road Continues to Capture Top Retail Rents While Orchard Road remains the premier retail location in Singapore, the increased competition from suburban malls and other retail locations has taken some of the gloss off retail rents in the premier shopping belt. Some of the older malls in Orchard Road that have not undergone upgrading or any form of refurbishment have also dragged the overall average monthly gross rents of prime retail space down. The prime ground floor gross rental rates for retail space in Orchard Road have slipped by 4 percent in Q1 2013 over the same quarter in the previous year. Nonetheless, the rents in Orchard Road remained 10.1% higher than the average rate for prime ground floor retail spaces in regional centers. Within the past year, Mulberry, Paul Smith and Crate & Barrel opened new stores on Singapore’s Orchard Road. At the same time, fast fashion chain Uniqlo continued to expand in the premier shopping belt. Even though competition for the consumer dollar is intense, many shopping centers along Orchard Road and in the regional centers are expected to still maintain tight occupancy rates as new-to-Singapore brands continue to make inroads into the city-state to capitalize on its fast-growing international profile. We expect retail rents to remain stable with the continued momentum of new openings and setups in many of the popular and well located malls. In Orchard Road, new malls would largely be able to maintain their rental levels, but older malls that have to intensely compete alongside for the tourist and local dollar, could have their rents come under pressure.
    • Relaxed Foreign Investment Regulations Set Stage for New Brands in India An overall slowdown in the Indian economy in the first half of the year, high inflation rates and a depreciation of the national currency was especially hard on low- and middle-end malls in India. Organized retail, which includes all standardized brands and chains, accounts for less than 10% of the total retail market in India. However that percentage is likely to increase to around 15% in the next five years. The recently relaxed government regulations will allow 100% foreign ownership of single brand international retailers and up to 51% for multi-brand retailers. There is hope that this will attract big global players such as Walmart, Tesco, Carrefour, Ikea and Apple to one of the world’s largest retail markets. success of these developments has seen increased pedestrian activity through the core CBD retail districts. Combined with the arrival of international brands such as Apple, Zara, and Topshop, in addition to luxury brands expanding their presence in Australia, the CBD is once again a popular shopping destination. The CBD continues to be the first location of choice for major international retailers coming to Australia. Generally, new entrants seek a flagship location in either the Sydney or Melbourne CBD, followed by smaller stores in top performing regional shopping centers. They typically require large floor plates substantially larger than those of local retailers. Demand is high, as premier corridors lack sufficient freestanding space to accommodate the larger footprints and quality streetscapes sought by many brands. We expect the supply of CBD retail space to remain constrained over the medium term. Rents along prime CBD mall locations in Australia consistently rank amongst the most expensive in the world. Pitt Street Mall in the Sydney CBD was ranked the 8th most expensive in Collier’s High Street survey. New-to-market retailers must now consider options outside of the CBDs, where they would traditionally choose to locate stores. Swedish retailer H&M recently announced it will open its first Australian store in Melbourne’s GPO building. The new store will become H&M’s Australian flagship and one of its biggest in the world, occupying three floors and about 53,000 square feet. The largest CBD retail project under construction is The Emporium in Melbourne. At 497,024 square feet the development will add approximately 200 new retail outlets to the market. In addition to local designers, a number of international brands have committed to the center including Topshop and what will be the first UNIQLO store in Australia. The fast fashion brand has committed to open a 32,291 square-foot four-level flagship. Prada and Dior Flagships to Open in Auckland In H1 2013, brands like Van Heusen, Louis Philippe and Flying Machine expanded into Khan Market and Connaught Place. In addition, Starbucks opened its first store in the National Capital Region.  High Street rents have seen an overall gradual increase. Delhi’s Connaught Place and Khan Market saw rents grow in a range of 6 to 10%. High street rentals are expected to remain stable in the coming quarters. However, rental rates in malls may grow as more international retailers move into the country. A Reinvigorated Australian CBD The continuing refurbishment and expansion of Australia’s major city center retail destinations, coupled with the introduction of new international brands, has reinvigorated CBD retailing. The 5 Global Retail Highlights | 2013 | Colliers International In New Zealand, more positive national data releases on employment, wage growth and home values point to a growing national retail sector over the next 12 months. However, there remains a disconnect between the national results and spending at the till for some geographies and sectors with many retailers still reporting challenging trading. In Auckland, only CBD and Takapuna precincts have a vacancy rate below the long-term average. In Wellington, the vacancy rate has edged up across all precincts. Retailers in prime locations offering necessities, niche and innovative products are outperforming, enabling a select group of retailers to prevail in the lower margin retail environment. While our latest vacancy rate surveys record growing demand in Auckland, supported by a positive economic story, Wellington’s growth is more sporadic. This is flowing through to the rental growth outlook whereby we project flat growth in Wellington and 3% annualized increase in Auckland, which is just above the long-term inflation average.
    • Newly opened retail stores in Wellington include domestic retailers like Hartleys and Vincent, Walker & Hall and international brands such as Lululemon Athletica, Nespresso, and The Body Shop. Both Prada and Christian Dior have announced flagship stores in Lower Queen Street in Auckland. UK Shoppers Shift Online, Slackening Demand Everywhere except London The consumer shift towards online shopping against a back drop of high business rates and stiffening competition on the high street has led to a further spate of UK retail administrations throughout 2013. Maintaining or gaining a presence in key retail destinations is now more important than ever, alongside disposing of stores in weaker, typically small and medium sized towns. This is particularly prevalent in the growing divide between London and the rest of UK, where Hackett’s letting at £645 per sq ft set a new rental high for Regent Street. Meanwhile, a number of UK towns now approach 30% vacancy rates. Demand for flagship space in London continues to exceed supply, driven largely from international retailers seeking a share of the spoils. This is leading to some notable rental growth in the West End’s core locations, with Regent Street witnessing double digit annual rental growth. As demand and supply imbalance continues in the West End’s core locations, a rental growth overspill has impacted other nearby locations, such as South Moulton Street and Dover Street, both streets witnessing y o y rental growth of 20% and 5% respectively. 6 Global Retail Highlights | 2013 | Colliers International Outside of London, the new Trinity Leeds has been a landmark opening in a time of limited shopping center development activity. Leeds is now behind only London’s West End, Birmingham and Glasgow as the 4th strongest retail destination in the UK. The one-million-square-foot scheme has delivered 120 modern, flexible retail units and attracted international retailers such as Apple, Hollister and Victoria’s Secret. Its initial performance has been strong, with footfall exceeding expectations. Growing consumer confidence and signs of green shoots in the UK economy may spark life into retail developments outside of London that meet the new demand of today’s consumer. Paris is For Tourists France has suffered from subdued household spending and rising unemployment, yet the Parisian retail market is performing well, thanks largely to international tourists. Chinese tourists are especially fond of Paris. Chinese citizens, according to UNWTO data, spend more on foreign travel than those of any other country. A significant part of their holiday budget goes to shopping, mainly on luxury goods which are cheaper than in China and can be trusted not to be counterfeit. Paris remains one of the favorite markets for international retailers and luxury brands. Champs-Élysées, the city’s most sought-after location, has seen strong rental growth. The street hardly ever sees available units, while mid-market and luxury retailers aiming to acquire flagship stores help to push up rents.
    • Select Europe Rents: USD/SF/Year Chart Title – One Line RENT/SF/YR > $500 or Two RENT/SF/YR $150 - $500 RENT/SF/YR < $150 % Year Over Year Rent Increase $286 25% Karl Johans Gate OSLO % Rent Unchanged Year Over Year % Year Over Year Rent Decrease $255 $184 -5% -5% Buchanan Street GLASGOW $577 -4% Grafton Street DUBLIN George Street EDINBURGH -5% -5% High Street / New Street BIRMINGHAM Briggate Street LEEDS $173 -9% Broadmead BRISTOL $1,223 Spitaler Straße HAMBURG $155 -3% -4% Spuistraat THE HAGUE $117 -4% Kalverstraat AMSTERDAM -3% $214 $400 0% $193 $255 Market Street MANCHESTER $297 Oude Gracht UTRECHT $457 Meir ANTWERP $834 -4% Champs-Élysées PARIS Demer EINDHOVEN -4% 3% Old Bond St LONDON -4% $343 $214 14% $161 Königsallee DUSSELDORF 6% $202 Zeil FRANKFURT -6% $457 Lijnbaan ROTTERDAM $930 $636 -16% Rue du Rhône GENEVA -5% Bahnhofstrasse ZURICH -4% Königstraße STUTTGART $486 -1% Kaufingerstraße MUNICH $836 -6% Via Monte Napoleone MILAN $100 -7% Chiado / Av. Liberdade LISBON $293 -2% Preciados MADRID Note: Displayed change in rent is in terms of USD/SF/Year. For annual change in local currency, please see detail on pages 14-18. * - In order to compare international retail rents on a like for like basis we have converted UK Zone A rents to an overall rent based on a hypothetical 2,250 sq ft unit with full cover on first floor or basement. 7 Global Retail Highlights | 2013 | Colliers International
    • Moscow Leads Eastern Europe in Luxury Retail Eastern Europe is enjoying a strong expansion of international retailers, especially in Russia and Poland. New market entrants in the past year have included Hollister in Warsaw, Debenhams in Moscow and Moncler in Budapest. These retailers have focused their expansion efforts on shopping centers, where relatively healthy development levels in most markets have given them a wide selection to choose from. Russia continues to show robust growth, with consumption driving a revival of large-scale development. While most markets in Eastern Europe are not particularly sought after by international luxury brands, Moscow is as popular as London, Paris or Milan. On Moscow’s Tverskaya Street, annual asking rents average $742.23 USD per square foot and have grown by 9.5% in the last year. Luxury retailers have opened new stores in high-end shopping centers such as Crocus City Mall in the outskirts of Moscow and the centrally located GUM department store. Prague has also seen expansion from luxury retailers. Following the opening of a Tiffany & Co. store last September, Jimmy Choo, Chopard and Loro Piana each opened stores along Parizska Street. “While high streets in Western Germany’s primary cities are generally vibrant, those in the East have suffered since the fall of the Berlin Wall.” Small Bio (Organic) Grocery Chains Sprout Up in Germany Chain stores have continued to expand into German high streets. The best locations are becoming more important for chain stores’ strategies and as a result, rental growth is spreading in these areas. A new grocery trend in Germany is a high street concept developed by retailers like Rewe and Edeka. Such grocers are smaller than normal supermarkets and locate in secondary locations in and around quality city centers and high streets. Specialist organic food retailers like Denn’s Biomarkt are also sometimes located in city centers, malls or high streets. While high streets in Western Germany’s primary cities are generally vibrant, those in the East have suffered since the fall of the Berlin Wall. Many large and ultimately over-sized shopping centers were constructed outside of city centers, drawing shoppers and retailers away from CBDs. 8 Global Retail Highlights | 2013 | Colliers International Baltic Growth to top Europe The Baltic nations of Estonia, Latvia and Lithuania have seen steady economic growth, supported by gradual recovery in domestic consumption. Retail markets remain stable, with observed increases in asking rents reflecting a low vacancy level and steady demand. In 2014, Latvia will follow Estonia in adopting the euro as its currency. Some expect this move to bolster economic growth. It will certainly tighten the country’s bonds with Western Europe. Latvia has shown a sustained recovery after the recession and its output growth should be amongst the strongest in Europe, with Latvia’s central bank estimating that the country’s economy will grow by 4.1% in 2013. Despite National Retail Declines, Luxury Brands Grow in Vienna Retail sales fell in Austria by 1.2% in the first half of 2013, as compared with the same period in the previous year. But for the Viennese luxury retail market, where wealthy tourists from Europe, Asia and the Middle East come to shop for their favorite brands, luxury options are still expanding. In the heart of the historic city, SIGNA Holding’s Goldenes Quartier (Golden Quarter) is undergoing a refurbishment, set to be complete in 2014. The
    • project features pedestrian-only streets, flagship retail, luxury hotels and residences. Vivienne Westwood, Emporio Armani and Louis Vuitton have already opened stores. More will do so through next year, when a five-star Park Hyatt Hotel will also open its doors. When complete, the project will contain approximately 123,785 square feet of retail space. High Street Rents Rise in Oslo Scandinavian economies are generally perceived as safe and stable. While they have not been unaffected by the economic slowdown, general stability combined with a gradual withdraw of austerity measures should bring quick recovery. Norway, in particular, has shown resilience to the crisis, characterized by decent GDP growth, low unemployment, low household debt and strong consumer confidence. Retail in the Nordics has remained relatively healthy, with a steady demand from occupiers. In Oslo, High Street rents were pushed up by increased demand from luxury retailers. However, rents in Helsinki recorded a slight decrease. Mixed Signals in Southern Europe Southern European economies have become characterized by recession, austerity measures, rising unemployment figures and low consumer confidence. Yet despite this gloomy picture, retail markets in prime locations remain stable. Top high streets in Madrid and Rome have shown resilience. Rents along Rome’s international fashion destination Via Condotti rose by 2.3% over last year. Milan refuses to give up its title as fashion capital and continues to see inflows of luxury and mid-market retailers. Despite these green shoots, Lisbon has seen a gradual decline in rents. Last year, the Spanish government introduced the liberalization of trading hours, despite protests from small businesses and retail workers. Whether this move has increased employment and retail trade remains to be seen. New Malls and Brands for the Middle East Saudi Arabia and the United Arab Emirates (UAE) continue to enjoy solid economic growth, with good levels of consumer confidence and retail spending. While luxury brands continue to grow robustly in these markets now mid-market retailers are catching on and accelerating their expansion. The shopping center development pipeline in UAE remains high. With over 2.5 million square feet of retail space, Yas Mall in Abu Dhabi will be UAE’s second-biggest shopping center when it opens in 2014. 9 Global Retail Highlights | 2013 | Colliers International Despite Egypt’s recent GDP growth of 2.2% in 2012, social unrest will hurt foreign investment, exports and tourist spending. Some international retailers have recently expanded into the country, such as Salvatore Ferragamo and Michael Kors, opening new stores in Cairo. However, recent political events put a question mark over the future performance of the economy and real estate market.
    • In US, Philadelphia’s Walnut Street Sees Biggest High Street Gains The first half of 2013 averaged only 198,000 new jobs per month, which is not enough to significantly affect unemployment. With slowing manufacturing and housing construction employment, we do not expect this trend to change this year. We also expect further anemic GDP growth. The NAHB/First American Improving Markets Index (IMI) is one that we watch closely. It lists U.S. housing markets with at least six months of positive growth in home prices, employment and single-family home construction. In August, the IMI listed 247 metros as improving markets, which is a year-over-year increase of 167 metros. While IMI does show some recent softening, we hope that some of this is due to a seasonal dip, much like the one the index showed in August of last year. Most U.S. high street rents increased over last year. In New York, Fifth Avenue rents grew by 11 percent. At $3,052 per square foot, Fifth Avenue rents are the most expensive in the world. On Las Vegas Boulevard, asking rents grew by 25 percent. Philadelphia’s Walnut Street showed the biggest gains in the U.S., with 33.8 percent growth. Walnut Street’s tenant mix is moving away from local boutiques in favor of national brands with the capability to pay those growing rents. Retail names that were once only familiar in the nearby King of Prussia Mall are now leasing space on Walnut. Recent additions include Ann Taylor Loft, Intermix, Anne Klein, Ulta and the Cheesecake Factory. Barneys will convert its discontinued Barneys Co-Op brand into a Barneys New York location in 2014. “Philadelphia’s Walnut Street showed the biggest gains in the U.S., with 33.8 percent growth. Walnut Street’s tenant mix is moving away from local boutiques in favor of national brands with the capability to pay those growing rents.” U.S. consumer retail spending has been trending up since 2009. It grew 2.6% in Q1 and would likely have been even stronger if not for the lost payroll tax cut. However, Q2 sales figures for major retailers like Walmart, Macy’s and Kohls have shown disappointing growth. Specialty retailers are hurting too. Many, including Walmart, are expecting weak sales to continue through the end of 2013. Select United States Rents: USD/SF/Year $80 10% Pioneer Place PORTLAND $200 $375 7% Union Square SAN FRANCISCO $60 25% 3% Rodeo Drive LOS ANGELES $44 10% $35 $1,325 25% Las Vegas Blvd LAS VEGAS $18 $328 20% Viliage of La Jolla SAN DIEGO 10% 9% -12% $35 Kierland/Scottsdale Rd PHOENIX BLVD Place HOUSTON $76 $70 9% $55 0% Peachtree St ATLANTA 5% CityCentre HOUSTON 11% $200 $107 0% $35 0% Newbury St BOSTON 34% Walnut St PHILADELPHIA 13% King Street CHARLESTON RENT/SF/YR > $500 Highland Viliage HOUSTON $42 $3,052 Easton Town Center COLUMBUS 0% Mockingbird Ln/Preston DALLAS 25% Glastonbury Blvd HARTFORD Madison Ave Fifth Ave NEW YORK NEW YORK Michigan Ave CHICAGO $70 n/a Santana Row SAN JOSE $450 $40 Brewery Blocks PORTLAND RENT/SF/YR $150 - $500 $45 Park Ave ORLANDO 0% RENT/SF/YR < $150 % Year Over Year Rent Increase % Rent Unchanged Year Over Year % Year Over Year Rent Decrease 10 Global Retail Highlights | 2013 | Colliers International
    • Canadian Shopper Spending on Par with U.S. Canada’s recent influx of large American retail chains has Canadian retailers feeling pricing pressure and struggling to adapt to changing consumer demands. Large American retailers can bring goods into Canada via north-south distribution networks that are more efficient than lengthy Canadian east-west networks. These efficiencies help American retailers to be extremely price competitive, which is rapidly changing consumer habits. Canadian shoppers’ spending now matches that of their southern neighbor. While Canadian and American per capita retail spending has moved in tandem in recent decades, a widening gap emerged in 1994. This gap was due to the lowered value of the Canadian dollar against the U.S. dollar. When the 2008 market downturn struck, the Canadian dollar rose above parity and retail spending per capita almost reached par. Since 2008, Canadian retail spending per capita has risen to meet U.S. spending levels, even surpassing the U.S. at one point. Canada’s priciest high street, Bloor Street in Toronto saw a 1.6% increase in asking rents over last year. Tiffany & Co, which has been on the street since 1989, opened a new 5,800 square foot flagship in August. Mulberry opened a new location on the street at about the same time. Select Western Canada Rents: USD/SF/Year $49 3% West 4th Avenue VANCOUVER $147 $197 40% $123 Alberni Street VANCOUVER 33.3% Robson Street VANCOUVER RENT/SF/YR > $500 -2% RENT/SF/YR $150 - $500 Granville Street VANCOUVER RENT/SF/YR < $150 % Year Over Year Rent Increase % Rent Unchanged Year Over Year % Year Over Year Rent Decrease Select Eastern Canada Rents: USD/SF/Year $29 $64 -2% Byward Market OTTAWA $197 $310 -9% Spring Garden Road HALIFAX -2% Ste. Catherine St. West MONTRÉAL 1.6% Bloor Street TORONTO RENT/SF/YR > $500 RENT/SF/YR $150 - $500 RENT/SF/YR < $150 % Year Over Year Rent Increase % Rent Unchanged Year Over Year % Year Over Year Rent Decrease Note: Displayed change in rent is in terms of USD/SF/Year. For annual change in local currency, please see detail on pages 14-18. 11 Global Retail Highlights | 2013 | Colliers International
    • Avenida Presidente Masaryk Rents Grow in Advance of Facelift The International Monetary Fund forecasts Mexico’s GDP will only grow by 3.1% in 2013. However our medium- and longerterm outlook is quite positive. While the manufacturing sector will remain the country’s main economic engine for at least the next decade, Mexico has begun the transition to a serviceoriented economy, and domestic consumption will play a greater and greater role in the nation’s economy. This transition will propel demand in the retail industry. Asking rents at Mexico’s trendiest shopping street, Avenida Presidente Masaryk in Mexico City increased by 3.6% over last year. The street is scheduled for a 150-million-peso facelift which will include new expanded sidewalks and other improvements intended to enhance the pedestrian experience. Mexico has seen recent large capital investment from domestic and foreign sources. We expect this investment to continue, further bolstering the retail sector. The country has seen a recent influx in foreign brands new to the market, especially in high-end malls. Retailers are also experimenting with new sizes and formats, including mixed-use developments in urban settings. They are also moving forward with remodeling and expansion projects in order to create more attractive and competitive developments. 12 Global Retail Highlights | 2013 | Colliers International Brazil Beckons Global Chains Brazil continues to hold the attention of international retail brands and investors. Global awareness of the dynamic emerging BRIC nation will rise further with two major sports events on the horizon, the 2014 World Cup and 2016 Olympics. Brazil’s retail markets are far from saturated and consumer spending is growing, albeit at a varied rate. Retailers began 2013 with enthusiasm on the heels of 8.4% year-over-year retail sales growth in 2012. Many chains made their expansion plans with expectations of a similar trend for 2013. Those expectations were not met. However, government stimulus measures in the form of new cuts in tariffs on industrial items like steel and glass as well as credit subsidies for furniture and appliance purchases for lowincome households should work to bolster manufacturing and consumer spending. The Brazilian Association of Franchising (ABF) forecasts that 122 new shopping malls will be built over the next three to five years. Retail development which was once restricted to malls and street retail is now emerging in formats new to the region, including strip centers, hypermarkets and hub-oriented development organized around transit centers, sports arenas and other major destinations. São Paulo and Rio de Janeiro remain leaders in shopping quality and diversity, achieving the most expensive rents and the focus of growth for luxury brands. Brazil’s High Street rents are the most costly in Latin America, according to the latest Colliers survey. São Paulo’s luxury shopping street Rua Oscar Freire saw a 15% growth in asking rents over the previous year. Rua Garcia D´Avila in Rio de Janeiro saw rents grow by 6.7%.
    • There are a great number of international companies entering the market, including Gap, H&M, Forever21, Kappa, Michael Kors, Topshop, Sephora, Benefit and Daiso Japan. Existing brands, which have concentrated in the country’s two largest cities, are now looking to other parts of the country for expansion. Food service brands are also big on Brazil. Of the estimated fifty chains which opened a first store in the country in 2013, 55% are restaurants. Colombian Retail Developers Sense Potential, Despite Obstacles Colombia has seen a recent rise in retail options, with new brands and developers entering the market. The country has twelve cities with populations over 400,000 and while household incomes remain low, there has been a steady expansion of the middle class. Despite this growing consumer base, Colombia remains a country with a relatively low number of retail options. Chilean department stores have made recent inroads in filling that void. Falabella has opened nine locations and Ripley now operates three. Chilean Select Latin America Rents: USD/SF/Year Foreign retail developers including the Salvadorian company Grupo Roble and Chile’s Parque Arauco and Mall Plaza arrived in Colombia with plans to build about 14 new malls combined across the country. This new wave of development of singleowner leased retail will be unique in a country where 94% of shopping mall stores are owned as retail condominiums. For developers in the region, both foreign and domestic, there are still challenges, including a lack of variety of anchor stores and a shortage of development-ready land. But in a country where only an estimated 23 percent of retail sales are now made in malls, developers and retailers see plenty of room for shopping center growth to overcome those hurdles. In Chile, King Copper Spurs Retail Growth  $64 Chile’s strong retail sector growth is a result the world’s most productive copper industry in the North and the resulting purchasing power of those employed in the direct and secondary jobs created in service of that industry. Chile’s GDP growth of 4.1 percent in Q2 2013, as compared with the same quarter in the previous year, was driven by the mining and retail sectors. The nation’s retail sales have shown continued positive growth since 2010. 4% Presidente Masaryk MEXICO CITY   $234 0% Andino BOGOTÁ $176  $30 20% 4% Garcia D’Avila RIO DE JANEIRO Jr. de la Union LIMA  $127 RENT/SF/YR > $500 4% Oscar Freire SÃO PAULO RENT/SF/YR $150 - $500 RENT/SF/YR < $150  % Year Over Year Rent Increase % Rent Unchanged Year Over Year $99 4% Peatonal Florida BUENOS AIRES % Year Over Year Rent Decrease Note: Displayed change in rent is in terms of USD/SF/Year. For annual change in local currency, please see detail on pages 14-18. 13 retail giant Cencosud bought the entire Colombian operations of French retailer Carrefour—including 72 hypermarkets—for $2.6 billion. Specialty retailers such as Victoria’s Secret and Forever 21 are testing the waters too. Gap, which has been selling its wares to Colombian consumers via the Internet since 2010, recently opened two locations. Global Retail Highlights | 2013 | Colliers International Copper mines have paid high salaries in order to hold on to a limited number of workers. These high salaries have resulted in strong sales of luxury goods. The nation’s highest-profile luxury shopping streets, Santiago’s Alonso de Cordova and Nueva Costanera saw asking rents increase 13% over last year. Chile’s department stores, which include Falabella, Cencosud and Ripley, have begun expanding into Argentina, Peru, Brazil, Colombia and even Mexico. Chilean retailers have also found success in investing directly in the shopping centers which they occupy. One recent news report tallied total future investment by Chilean retailers in Latin American shopping centers through 2017 at $7.143 billion.
    • 22 New Shopping Centers to Serve Peru’s Burgeoning Middle Class Peru’s sustained growth has made it a popular destination for foreign investment. The nation’s economic growth, primarily due to a global demand for its mineral exports, caused the Peruvian middle class to increase in recent years. New consumer wealth is driving growing demand for retail goods. Of Peru’s 62 shopping centers, 32 are located in the capital city of Lima. Asking rents on Lima’s main pedestrian shopping street Jirón de la Unión grew by 16.7% over 2012. This was the largest percentage increase in Latin America according to our High Street survey. 22 new shopping centers will open across the country in 2013. 16 of these projects will be in the provinces and the rest in Lima, according to data from the Asociación de Centros Comerciales y de Entretenimiento del Perú. Prices for minerals exports have diminished recently, causing a decline in GDP growth. However, Peru’s retail sector is not done expanding. Government observers estimate this year’s GDP growth rate will still be six percent. TWEET THIS REPORT Global Retail Survey EXCHANGE RATE QUOTED RENT (USD) MAR. 31, (LOCAL) 2013 TIME PERIOD UNIT CBD RMB Monthly SM 6.21 829.10 148.85 8.2% China Wangfujing RMB Monthly SM 6.21 1,833.10 329.10 8.9% Guangzhou China Tianhe District RMB Monthly SM 6.21 1,024.60 183.95 -3.8% Hong Kong China Canton Road, Tsim Sha Tsui HKD Monthly SF 7.76 1,290.00 1,993.98 8.9% Hong Kong China Causeway Bay HKD Monthly SF 7.76 721.00 1,114.47 8.7% Hong Kong China Queen's Road Central, Central HKD Monthly SF 7.76 1,350.00 2,086.73 13.9% Shanghai China West Nanjing Road RMB Monthly SM 6.21 2,055.00 368.94 6.2% Bangalore India Brigade Road INR Monthly SF 54.28 400.00 88.42 6.7% Delhi India Connaught Place INR Monthly SF 54.28 725.00 160.27 11.5% Delhi India Khan Market INR Monthly SF 54.28 1,200.00 265.27 9.1% Tokyo Japan Ginza - Chuo Street JPY Monthly SM 94.22 45,375.00 536.89 0.0% Makati Philippines Ayala Center PHP Monthly SM 40.83 1,285.00 35.07 5.3% Singapore Singapore Orchard Road SGD Monthly SF 1.24 36.75 355.39 -4.0% Seoul South Korea Myeong-dong KRW Monthly SM 1,111.90 249,900.00 250.47 -1.3% Ha Noi Vietnam Hai Ba Trung, Hoan Kiem District USD Yearly SF 1.00 109.40 109.40 0.5% Ha Noi Vietnam Ly Thai To, Hoan Kiem District USD Yearly SF 1.00 130.80 130.80 4.2% COUNTRY STREET Beijing China Beijing USD RENT SF/YEAR ANNUAL CHANGE (LOCAL, %) QUOTED CURRENCY CITY ASIA PACIFIC 14 Global Retail Highlights | 2013 | Colliers International
    • Global Retail Survey CITY COUNTRY STREET QUOTED CURRENCY TIME PERIOD UNIT EXCHANGE RATE QUOTED RENT (USD) MAR. 31, (LOCAL) 2013 USD RENT SF/YEAR ANNUAL CHANGE (LOCAL, %) AUSTRALIA & NEW ZEALAND Adelaide Australia Rundle Street Mall AUD Yearly SM 0.96 2,750.00 265.99 -8.3% Brisbane Australia Brisbane Mall AUD Yearly SM 0.96 4,462.50 431.64 5.0% Melbourne Australia Bourke Street Mall AUD Yearly SM 0.96 7,000.00 677.08 0.0% Sydney Australia Pitt Street Mall AUD Yearly SM 0.96 9,000.00 870.53 0.0% Auckland New Zealand Queen Street NZD Yearly SM 1.19 2,358.00 183.34 0.3% Wellington New Zealand Lambton Quay NZD Yearly SM 1.19 1,801.00 140.03 -0.1% Calgary, AB Canada 17th Avenue SW CAD Yearly SF 1.02 65.00 63.89 8.3% Calgary, AB Canada Kensington CAD Yearly SF 1.02 55.00 54.06 0.0% Calgary, AB Canada Mission or 4th Street SW CAD Yearly SF 1.02 60.00 58.97 9.1% Calgary, AB Canada Stephen Avenue CAD Yearly SF 1.02 45.00 44.23 0.0% Edmonton Canada Jasper Avenue CAD Yearly SF 1.02 32.00 31.45 6.7% Edmonton Canada Whyte Avenue CAD Yearly SF 1.02 35.00 34.40 0.0% Halifax, NS Canada Spring Garden Road CAD Yearly SF 1.02 65.00 63.89 -7.1% Montréal, QC Canada Ste. Catherine St. West CAD Yearly SF 1.02 200.00 196.58 0.0% Ottawa, ON Canada Byward Market CAD Yearly SF 1.02 30.00 29.49 0.0% Ottawa, ON Canada The Glebe CAD Yearly SF 1.02 45.00 44.23 0.0% Ottawa, ON Canada Westboro CAD Yearly SF 1.02 42.00 41.28 7.7% Saskatoon, SK Canada 21st St E CAD Yearly SF 1.02 25.00 24.57 0.0% Saskatoon, SK Canada Broadway Ave CAD Yearly SF 1.02 30.00 29.49 11.1% Toronto, ON Canada Bloor Street CAD Yearly SF 1.02 315.00 309.61 1.6% Vancouver, BC Canada Alberni Street CAD Yearly SF 1.02 150.00 147.43 42.9% Vancouver, BC Canada Granville Street CAD Yearly SF 1.02 125.00 122.86 0.0% Vancouver, BC Canada Robson Street CAD Yearly SF 1.02 200.00 196.58 33.3% Vancouver, BC Canada West 4th Avenue CAD Yearly SF 1.02 50.00 49.14 5.3% Victoria, BC Canada Government Street CAD Yearly SF 1.02 50.00 49.14 -16.7% Victoria, BC Canada Johnson Street CAD Yearly SF 1.02 35.00 34.40 18.6% CANADA 15 Global Retail Highlights | 2013 | Colliers International
    • Global Retail Survey EXCHANGE RATE QUOTED RENT (USD) MAR. 31, (LOCAL) 2013 TIME PERIOD UNIT Myslym Shyri EUR Monthly SM 0.78 40.00 57.16 -11.1% Austria Graben, Kohlmarkt, Kärnter Straße, Tuchlauben EUR Monthly SM 0.78 400.00 571.60 0.0% Minsk Belarus Nezavisimosti EUR Monthly SM 0.78 43.00 61.45 2.4% Antwerp Belgium Meir EUR Monthly SM 0.78 150.00 214.35 7.1% Sofia Bulgaria Vitosha Blvd EUR Monthly SM 0.78 25.00 35.73 -34.2% Zagreb Croatia Ilica EUR Monthly SM 0.78 75.00 107.18 0.0% Prague Czech Republic Na Prikope EUR Monthly SM 0.78 170.00 242.93 0.0% Copenhagen Denmark Østergade DKK Yearly SM 5.81 22,000.00 351.40 22.2% Tallinn Estonia Viru Street EUR Monthly SM 0.78 31.00 44.30 6.9% Helsinki Finland Aleksanterinkatu EUR Monthly SM 0.78 160.00 228.64 -5.9% Paris France Champs-Élysées EUR Yearly SM 0.78 7,000.00 833.59 0.0% Berlin Germany Tauentzien EUR Monthly SM 0.78 250.00 357.25 13.6% Düsseldorf Germany Königsallee EUR Monthly SM 0.78 240.00 342.96 0.0% Frankfurt Germany Zeil EUR Monthly SM 0.78 320.00 457.28 10.3% Hamburg Germany Spitaler Straße EUR Monthly SM 0.78 280.00 400.12 0.0% Munich Germany Kaufingerstraße EUR Monthly SM 0.78 340.00 485.86 3.0% Stuttgart Germany Königstraße EUR Monthly SM 0.78 320.00 457.28 0.0% Athens Greece Ermous EUR Monthly SM 0.78 150.00 214.35 0.0% Budapest Hungary Váci utca EUR Monthly SM 0.78 110.00 157.19 0.0% Dublin Ireland Grafton Street EUR Yearly SF 0.78 450.00 577.01 0.0% Milan Italy Via Monte Napoleone EUR Monthly SM 0.78 585.00 835.97 -1.7% Rome Italy Via Condotti EUR Monthly SM 0.78 450.00 643.05 2.3% Riga Latvia Terbatas EUR Monthly SM 0.78 29.00 41.44 7.4% Vilnius Lithuania Didzioji EUR Monthly SM 0.78 38.00 54.30 18.8% Amsterdam Netherlands Kalverstraat EUR Monthly SM 0.78 208.00 297.23 4.0% Eindhoven Netherlands Demer EUR Monthly SM 0.78 112.50 160.76 0.0% Rotterdam Netherlands Lijnbaan EUR Monthly SM 0.78 141.70 202.49 -2.3% The Hague Netherlands Spuistraat EUR Monthly SM 0.78 120.83 172.67 0.7% Utrecht Netherlands Oude Gracht EUR Monthly SM 0.78 108.33 154.80 0.3% Oslo Norway Karl Johans Gate NOK Yearly SM 5.85 18,000.00 285.97 28.6% Warsaw Poland Nowy Swiat EUR Monthly SM 0.78 95.00 135.76 5.6% Lisbon Portugal Chiado / Av. Liberdade EUR Monthly SM 0.78 70.00 100.03 -3.4% COUNTRY STREET Tirana Albania Vienna USD RENT SF/YEAR ANNUAL CHANGE (LOCAL, %) QUOTED CURRENCY CITY EUROPE 16 Global Retail Highlights | 2013 | Colliers International
    • Global Retail Survey EXCHANGE RATE QUOTED RENT (USD) MAR. 31, (LOCAL) 2013 TIME PERIOD UNIT Magheru EUR Monthly SM 0.78 75.00 107.18 0.0% Russia Tverskaya USD Monthly SM 1.00 666.00 742.23 9.5% Saint Petersburg Russia Nevsky Prospekt USD Monthly SM 1.00 290.00 323.19 1.4% Belgrade Serbia Kneza Mihaila EUR Monthly SM 0.78 110.00 157.19 0.0% Bratislava Slovakia Obchodna EUR Monthly SM 0.78 40.00 57.16 0.0% Madrid Spain Preciados EUR Monthly SM 0.78 205.00 292.95 2.5% Stockholm Sweden Biblioteksgatan SEK Yearly SM 6.52 14,000.00 199.29 0.0% Geneva Switzerland Rue du Rhône CHF Yearly SM 0.95 6,500.00 636.14 -12.2% Zurich Switzerland Bahnhofstrasse CHF Yearly SM 0.95 9,500.00 929.74 0.3% Istanbul Turkey Abdi Ipekçi, Nişantaşı USD Monthly SM 1.00 310.00 345.48 3.3% Birmingham* UK High Street / New Street GBP Yearly SF 0.66 141.00 214.20 0.0% Bristol* UK Broadmead GBP Yearly SF 0.66 77.00 117.08 -3.8% Edinburgh* UK George Street GBP Yearly SF 0.66 121.00 183.99 0.0% Glasgow* UK Buchanan Street GBP Yearly SF 0.66 168.00 255.45 0.0% Leeds* UK Briggate street GBP Yearly SF 0.66 127.00 193.11 2.4% London* UK Old Bond Street GBP Yearly SF 0.66 804.00 1,222.52 20.0% Manchester* UK Market Street GBP Yearly SF 0.66 168.00 255.45 0.0% Kyiv Ukraine Kreschatyk USD Monthly SM 1.00 240.00 267.47 -20.0% Bogotá Colombia Andino USD Monthly SM 1.00 200.00 222.89 0.0% Buenos Aires Argentina Peatonal Florida USD Monthly SM 1.00 88.90 99.08 4.2% Rio de Janeiro Brazil Garcia D´Avila BRL Monthly SM 2.02 320.00 176.36 6.7% São Paulo Brazil Oscar Freire BRL Monthly SM 2.02 230.00 126.76 15.0% Mexico City Mexico Presidente Masaryk USD Monthly SM 1.00 57.00 63.52 3.6% Lima Peru Jr. de la Union PEN Monthly SM 2.59 70.00 30.14 16.7% COUNTRY STREET Bucharest Romania Moscow USD RENT SF/YEAR ANNUAL CHANGE (LOCAL, %) QUOTED CURRENCY CITY LATIN AMERICA MIDDLE EAST & NORTH AFRICA Cairo Egypt El Kourba St., Lebanon St., Mazhar, Shooting Club St. USD Monthly SM 1.00 35.00 39.01 -28.6% Jeddah Saudi Arabia Prince Mohammed Bin Abdul Aziz Street SAR Yearly SM 3.75 3,000.00 74.29 n/a Riyadh Saudi Arabia King Fahd Road and Olaya Rd SAR Yearly SM 3.75 3,000.00 74.29 0.0% Abu Dhabi UAE Khalifa Street USD Monthly SM 1.00 50.00 55.72 11.1% Dubai UAE Sheikh Zayed Road USD Monthly SM 1.00 36.00 40.12 2.9% * - In order to compare international retail rents on a like for like basis we have converted UK Zone A rents to an overall rent based on a hypothetical 2,250 sq ft unit with full cover on first floor or basement. SM = Square Meters, SF = Square Feet 17 Global Retail Highlights | 2013 | Colliers International
    • Global Retail Survey EXCHANGE RATE QUOTED RENT (USD) MAR. 31, (LOCAL) 2013 TIME PERIOD UNIT Peachtree Street USD Yearly SF 1.00 55.00 55.00 0.0% US Newbury Street USD Yearly SF 1.00 200.00 200.00 0.0% Charleston, SC US King Street USD Yearly SF 1.00 35.00 35.00 12.9% Chicago, IL US Michigan Avenue USD Yearly SF 1.00 328.00 328.00 9.3% Columbus, OH US Easton Town Center USD Yearly SF 1.00 35.00 35.00 0.0% Dallas/Ft. Worth, TX US Mockingbird Lane/Preston USD Yearly SF 1.00 70.00 70.00 0.0% Hartford, CT US Glastonbury Boulevard USD Yearly SF 1.00 35.00 35.00 25.0% Honolulu, HI US Kalakaua Avenue - Waikiki USD Yearly SF 1.00 122.26 122.26 3.7% Houston, TX US BLVD Place USD Yearly SF 1.00 70.00 70.00 n/a Houston, TX US CityCentre USD Yearly SF 1.00 42.00 42.00 5.0% Houston, TX US Highland Village USD Yearly SF 1.00 76.00 76.00 8.6% Las Vegas, NV US Las Vegas Blvd USD Yearly SF 1.00 200.00 200.00 25.0% Los Angeles, CA US Rodeo Drive USD Yearly SF 1.00 450.00 450.00 3.4% New York, NY US Fifth Avenue USD Yearly SF 1.00 3,052.00 3,052.00 11.0% New York, NY US Madison Avenue USD Yearly SF 1.00 1,325.00 1,325.00 10.1% Orlando, FL US Park Ave USD Yearly SF 1.00 45.00 45.00 0.0% Philadelphia, PA US Walnut Street USD Yearly SF 1.00 107.00 107.00 33.8% Phoenix, AZ US Kierland/Scottsdale Rd USD Yearly SF 1.00 17.50 17.50 -12.5% Portland, OR US Brewery Blocks USD Yearly SF 1.00 40.00 40.00 10.0% Portland, OR US Pioneer Place USD Yearly SF 1.00 80.00 80.00 10.0% San Diego, CA US Village of La Jolla USD Yearly SF 1.00 44.28 44.28 19.8% San Francisco, CA US Union Square USD Yearly SF 1.00 375.00 375.00 7.1% San Jose/Silicon Valley, CA Santana Row USD Yearly SF 1.00 60.00 60.00 25.0% COUNTRY STREET Atlanta, GA US Boston, MA USD RENT SF/YEAR ANNUAL CHANGE (LOCAL, %) QUOTED CURRENCY CITY UNITED STATES 18 US Global Retail Highlights | 2013 | Colliers International
    • FOR FURTHER INFORMATION > UNITED STATES James Cook +1 602 633 4061 James.Cook@colliers.com > UNITED KINGDOM Mark Charlton +44 20 7487 1720 Mark.Charlton@colliers.com > INDIA Surabhi Arora +91 124 456 7580 Surabhi.Arora@colliers.com > AUSTRALIA / NEW ZEALAND Nora Farren +61 2 9257 0289 Nora.Farren@colliers.com > CANADA Curtis Scott +1 604 662 2667 Curtis.Scott@colliers.com Matthew Thompson +44 207 344 6907 Matthew.Thompson@colliers.com Amit Oberoi +91 124 456 7571 Amit.Oberoi@colliers.com Alan McMahon +64 9 356 8811 Alan.McMahon@colliers.com > MEXICO Flavio Gómez Aranzubia +52 55 5209 3682 Flavio.Gomez@colliers.com > ARGENTINA Agustin Alcoleas +54 11 4819 9534 aalcoleas@colliers.com.ar > BRAZIL Leandro Angelino +55 11 3323 0015 Leandro.Angelino@colliers.com > CHILE Marcelo Cooper +56 2 2496 1541 Marcelo.Cooper@colliers.com > COLOMBIA Aurora Turriago +57 1 594 2333 Aurora.Turriago@colliers.com > PERU Sandro Vidal +51 12 240 804 svidal@colliers.com.pe > EUROPE/ MIDDLE EAST/ AFRICA Zuzanna Baranowska +44 207 487 1628 > FRANCE Renaud Roger +33 1 56 88 93 88 Renaud.Roger@colliers-keops.fr > GERMANY Andreas Trumpp +49 89 540411 040 Andreas.Trumpp@colliers.de > CENTRAL & EASTERN EUROPE Damian Harrington +420 226 537 624 Damian.Harrington@colliers.com > ASIA Simon Lo +00852 2822 0511 Simon.Lo@colliers.com > CHINA Carlby Xie +0086 21 6141 3688 Carlby.Xie@colliers.com Cary Sheih (Beijing) +0086 10 8518 1633 Cary.Sheih@colliers.com Ricky Zhang (Shanghai) +0086 21 6141 3558 Ricky.Zhang@colliers.com Zuzanna.Baranowska@colliers.com Bryan Chan (Guangzhou) +0086 20 3819 3948 Bryan.Chan@colliers.com Bruno Beretta +44 2073446938 Bruno.Beretta@colliers.com Arthur Yim (Hong Kong) +00852 2822 0510 Arthur.Yim@colliers.com 19 Global Retail Highlights | 2013 | Colliers International > INDONESIA Ferry Salanto (Jakarta) +62 215211400 Ferry.Salanto@colliers.com > JAPAN Yumiko Yasuda +81 3 5563 2174 Yumiko.Yasuda@colliers.com > KOREA Gemma Choi +82 2 6740 2015 Gemma.Choi@colliers.com > PHILIPPINES Romeo Arahan (Manila) +63 2 888 9988 Romeo.Arahan@colliers.com > SINGAPORE Siew-Chuin Chia +65 6531 8589 Siew-Chuin.Chia@colliers.com Leonard Tay +65 6531 8658 Leonard.Tay@colliers.com > THAILAND Surachet Kongcheep (Bangkok) +66 2 656 7000 Surachet.Kongcheep@colliers.com > VIETNAM David Jackson (HCMC) +84 83 827 5665 David.Jackson@colliers.com Chris Dibble +64 9 359 7919 Chris.Dibble@colliers.com CONTRIBUTORS Cliff Plank National Director, GIS and Mapping | USA Cliff.Plank@colliers.com Jeff Simonson U.S. Senior Research Analyst | USA jeff.simonson@colliers.com Lauren Lebel | Global Brand Designer
    • 482 offices in 62 countries on 6 continents United States: 140 Canada: 42 Latin America: 20 Asia Pacific: 195 EMEA: 85 $2 billion in annual revenue 1.12 billion square feet under management 13,500 professionals and staff Editor: James Cook Director of Research | USA +1 602 633 4061 James.Cook@colliers.com Colliers International 601 Union Street, Suite 4800 Seattle, WA 98101 TEL +1 206 695 4200 > Brokerage: Landlord & Tenant Representation > Corporate Solutions > Investment Services > Project Management > Property Marketing > Real Estate Management Services > Research Services > Valuation and Advisory Services ACROSS EVERY PROPERTY TYPE > Office > Industrial > Retail > Hotels > Residential > Mixed Use HOW ELSE CAN WE HELP YOU? contact@colliers.com About Colliers International Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world. colliers.com Copyright © 2013 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Accelerating success.